More Foreign Investors Are Making Deals in Spain

MADRID—Microsoft Corp. Chairman Bill Gates paid €108.5 million ($148.4 million) for a nearly 6% stake in Spanish construction company Fomento de Construcciones & Contratas SA, the company said, in the latest of several deals showing that long-depressed Spain is back on the global investment map.

The investment, which the company disclosed in a regulatory filing, makes Mr. Gates the second-largest shareholder in FCC, which employs...